Two local malls get financial infusion

Canyon-Johnson Urban Funds, a series of joint ventures that includes former professional basketball player Earvin “Magic” Johnson, said it has invested preferred equity to recapitalize Everett Mall and The Commons in Federal Way.

Financial details were not disclosed.

Los Angeles-based Canyon-Johnson said in a statement that its infusion enables owner Steadfast Companies of Irvine, Calif., to reposition both malls.

Steadfast plans to bring new tenants to more than 100,000 square feet at Everett Mall and 65,000 square feet at The Commons.